Moderna Inc. NASDAQ: MRNA made headlines during the pandemic for its messenger ribonucleic acid (mRNA) technology used in its COVID-19 vaccine Spikevax. mRNA vaccines deliver a virus's blueprints or genetic instructions to the cells to trigger the immune system to make antibodies to protect against it.
Moderna was a huge pandemic name, but has struggled since the earlier days of the health crisis. The company is looking to introduce new products and then lower its R&D budget.
Moderna's shares climbed in the first half of the year, as it scored victories with a product approval and solid clinical trial results. This week the biotech surprised investors with some changes to its strategy -- and a key goal.
Moderna's cost-reduction plans, pipeline cuts and reined-in financial guidance, unveiled Thursday, triggered a wave of downgrades as analysts focused on longer timelines to launch some products and questioned when the company can return to profitability.
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